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Tag Archives: Carey Corbett Financial Solutions

I’m in my 50s – is there an age when it is too late to start a pension?

One of the most asked questions we get! Many people in Ireland wonder when is it too late to start a pension. The answer is not simple, as it depends on several factors, such as your current income, your desired retirement age, your expected lifestyle and expenses, and the type of pension plan you choose. However, some general guidelines can help you make an informed decision. 1. First of all, it is never too late to start saving for your retirement. Even if you are in your 50s or 60s, you can still benefit from the tax relief and compound interest that a pension offers. However, the later you start, the more you will have to save each month to achieve a comfortable income in retirement. For example, if you start saving at age 25, you will need to save about 15% of your salary to have a pension of 50% of your salary at age 65. If you start …

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The Bank of Mum and Dad

The phenomenon of the ‘Bank of Mum and Dad’ has become an integral part of the property landscape in Ireland, reflecting both the challenges faced by first-time buyers in securing adequate financing and the willingness of parents to assist their offspring in making that crucial step onto the property ladder. This familial financial support can take various forms, from gifting funds to acting as loan guarantors, and while it often proves to be a lifeline for many, it also carries with it a set of implications that both parties must carefully consider. For many young Irish adults, the dream of owning a home seems increasingly out of reach due to high deposit requirements and strict mortgage lending rules. In this context, the ‘Bank of Mum and Dad’ serves as a crucial lifeline, providing the necessary boost to bridge the gap between savings and the price of a desired property. It’s estimated that a significant portion of first-time buyers now rely …

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Should I use a financial broker?

Financial brokers serve as a bridge between customers and financial institutions, offering a personalized approach to managing finances. Utilizing a financial broker can be akin to having a seasoned captain for navigating the complex seas of personal finance. They offer tailored advice, helping you chart a course towards your financial goals They provide access to a wider range of products than a single institution, often securing more competitive rates and terms. What are the benefits of using a broker? Expertise and Variety. Brokers can offer expert advice tailored to individual financial situations, which can lead to better investment decisions and savings. Cost-Effectiveness. While brokers may charge fees, they might be able to secure deals that outweigh these costs, potentially leading to overall savings. Reputable brokers will be upfront about their fees and how they’re compensated, whether it’s through commissions, flat fees, or a percentage of the assets they manage. Convenience. Utilizing a broker can save time and reduce stress, as …

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Financial planning in your 60s

This week it’s time for the latest in our series of age related articles – welcome to the world of the sixty-somethings! As you (potentially) approach the end of your working life, you are at a really important stage in your financial life. We hope to give you some food for thought to ensure you make the wisest financial decisions to see you through the next phase of your life. Plan carefully for the end of your working life It is really important that you are getting the best financial advice at this stage – there are so many significant decisions that need to be taken. You want to work with somebody who can confidently confirm to you the lifestyle that you can afford into the future, who can help you plan your financial life for the rest of your life.  Your adviser needs to have their finger on the pulse too in relation to all of the pension related …

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Five valuable financial tips to give to your children

Money management is a crucial skill that every child should learn at an early age. Learning how to manage finances is not just about budgeting and saving, but it’s also about building a healthy relationship with money. As parents, it’s our responsibility to teach our children about money and help them make wise financial decisions in the future. We’re going to set out five valuable lessons that you can give to your children about money. Teach them the value of money The first lesson to teach your children about money is the value of it. Help your children understand that money doesn’t grow on trees, and it takes hard work and effort to earn it. Encourage them to save money and avoid unnecessary spending. This will help them develop a sense of responsibility and an understanding of the value of money. One of the ways to teach your children this valuable lesson is to give them pocket money. This should …

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Personal finance for women

I read an article in The Irish Times this week with the heading ‘Women more than twice as likely to rely on State pension’ which lead me to think about our clients and how are the women of Co Clare faring. Firstly let’s look at what the data says nationwide – women are more than twice as likely as men to rely heavily on the State pension for their income in retirement, according to a new survey. And three-quarters of those responding to the study by the Retirement Planning Council of Ireland agreed that women have historically faced financial discrimination when it comes to pensions. Half attribute that to the focus on woman for the provision of unpaid care to children and other family members, while 35 per cent think it is due to women being more likely to have low-paid or part-time jobs. Personal finance is a topic that many people find daunting, boring or confusing, especially in times of economic …

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The Most Popular Personal Finance Topic in Ireland in 2023: A Focus on Value and Cost of Living

It should not come as a surprise that in 2023, the most popular personal finance topic in Ireland revolves around the impact of inflation and the rising cost of living on consumer behaviour. This trend has been highlighted in the Irish Consumer Insights Pulse Survey 2023 conducted by PwC. Rising Prices and Changing Consumer Behaviour The survey reveals that 79% of Irish consumers have altered their non-essential spending in the last six months. This change in behaviour is largely driven by the re-emergence of inflation after decades of very low levels. As a result, Irish consumers are becoming more cautious and mindful of cost and value. The Shift Towards Value In response to these cost-of-living challenges, consumers are shifting their consumption habits both in-store and online. The survey shows that 98% of Irish consumers will adopt cost-saving behaviours over the next six months. This includes buying retailers’ own brand products, shopping with retailers offering better value, buying certain products only …

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Finance expert: Targeted Budget has kept eye on the future

WHILE it was a giveaway budget, Paschal Donohoe did take a measured approach and kept an eye on the future, according to Tommy Corbett of Ennis company Carey Corbett Financial Solutions. “In the main it was a very targeted approach. They wanted to look after those on social welfare and the lower paid, but also targeted towards the squeezed middle, and those with children in university,” he said. Regarding those on social welfare, he said, “There’s a €12 increase in the rate of social welfare and the pension. There’s also an increase in the fuel allowance of €400 as far as I know, and they’ve also widened the net for those applying for the fuel allowance. There’s something like 80,000 more people will be able to apply for fuel allowance.” And what measures will benefit the so-called squeezed middle? “The increase in the tax band from when you go from paying 20% to 40%, that went up by €3,200. If …

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